Studio City two-parter, Conduent deals price, firm in aftermarket; recent issues gain

By Paul Deckelman and Paul A. Harris

New York, Nov. 22 – Primary sphere activity picked up on Tuesday in Junkbondland, with the pricing of a pair of deals totaling $1.7 billion, both regularly scheduled forward calendar offerings.

That was up from the $700 million of new dollar-denominated and fully junk-rated paper from domestic or industrialized country borrowers that came to market on Monday.

Macau-based entertainment and lodging company Studio City Ltd. had the big deal of the day, a $1.2 billion offering of three- and five-year senior secured notes. The deal saw interest from both traditional junk bond and emerging markets investors.

The day’s other issue was Xerox spinoff Conduent Inc.’s downsized $510 million of eight-year notes.

Traders quoted both of the day’s new issues as trading solidly higher in the aftermarket.

That strength also included other new or recently priced issues, including Monday’s Genesys Telecommunications Laboratories, Inc. bonds, as well as last week’s credits such as Hilton Grand Vacations Borrower LLC, EP Energy LLC and Tenet Healthcare Corp.

Statistical market performance measures were higher across the board for a second consecutive session on Tuesday; they had turned higher on Monday after having weakened on Friday. It was their third stronger session in the last four trading days.

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